For a Memorandum detailing the substantive authorities behind Wisconsin Act 368, Wisconsin’s Pass-Through Entity (S Corporations, LLCs, Partnerships) SALT Parity Bill, click here.
Meissner Tierney President and Shareholder, Tom Nichols, was influential in the creation of a recent bill passed by the Wisconsin legislature which creates tax-saving opportunities for pass-through entities.
The Governor just signed into law new Wisconsin Act 368, https://docs.legis.wisconsin.gov/2017/related/acts/368. By allowing profitable Wisconsin pass-through businesses (S corporations, limited liability companies and partnerships) to elect to pay tax at the entity level, this legislation will enable them to lower their net after-tax income tax cost by up to approximately 2.1%, and even almost 2.7% in certain circumstances. Tom first proposed this idea to Gov. Scott Walker in January of 2018, but it was State Sen. Howard Marklein who sponsored and championed this Act and got it over the finish line. For more detail, click here to a summary that is scheduled to be posted to the blogs of the Business Law Section and Taxation Section shortly after the beginning of 2019. Tom also drafted and worked with the Wisconsin Department of Revenue to come up with final statutory language for this new election.
Tom has extensive experience in the tax area at both the state and federal levels. Over his 35+ years of practice, he has done a great deal of work involving business entities, tax planning, and other considerations involved in the structuring and conduct of business ventures. Those interested in more information on Wisconsin Act 368 may contact Tom at tjn@mtfn.com or by calling (414) 273-1300.
